Document

0000794619-17-000102.txt : 20170822 0000794619-17-000102.hdr.sgml : 20170822 20170822082733 ACCESSION NUMBER: 0000794619-17-000102 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170822 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170822 DATE AS OF CHANGE: 20170822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN WOODMARK CORP CENTRAL INDEX KEY: 0000794619 STANDARD INDUSTRIAL CLASSIFICATION: MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS [2430] IRS NUMBER: 541138147 STATE OF INCORPORATION: VA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14798 FILM NUMBER: 171044164 BUSINESS ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 BUSINESS PHONE: (540) 665-9100 MAIL ADDRESS: STREET 1: 3102 SHAWNEE DRIVE CITY: WINCHESTER STATE: VA ZIP: 22601 8-K 1 amwd-082217q18kearnings.htm 8-K Document





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):			August 22, 2017


American Woodmark Corporation
(Exact name of registrant as specified in its charter)


Virginia	000-14798		54-1138147
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	File Number)		Identification No.)

3102 Shawnee Drive, Winchester, Virginia		22601
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:			(540) 665-9100

Not applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

American Woodmark Corporation

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 22, 2017, the Registrant issued a press release announcing results for its first quarter of fiscal year 2018 ended July 31, 2017. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit 99.1 Registrant’s Press Release dated August 22, 2017.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN WOODMARK CORPORATION

(Registrant)




/s/ M. SCOTT CULBRETH		/s/ S. CARY DUNSTON

M. Scott Culbreth		S. Cary Dunston
Senior Vice President and Chief Financial Officer		President & Chief Executive Officer

Date: August 22, 2017		Date: August 22, 2017
Signing on behalf of the registrant and as principal financial officer		Signing on behalf of the registrant and as principal executive officer

EX-99.1 2 ex99120170731.htm EXHIBIT 99.1 Exhibit

AMWD Announces First Quarter Results

Page 1

August 22, 2017

Exhibit 99.1




	P. O. Box 1980
	Winchester, VA 22604-8090




Contact:	Kevin Dunnigan Assistant Treasurer 540-665-9100

AMERICAN WOODMARK CORPORATION

ANNOUNCES FIRST QUARTER RESULTS

WINCHESTER, Virginia (August 22, 2017) -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2017.

Net sales for the first fiscal quarter increased 7% to $276.8 million compared with the same quarter of the prior fiscal year. The Company experienced growth in both the new construction and dealer channels during the first quarter of fiscal year 2018.

Net income was $22.3 million ($1.36 per diluted share) for the first quarter of the current fiscal year compared with $21.7 million ($1.32 per diluted share) for the first quarter of the prior fiscal year. The Company benefited $0.13 per diluted share in the first quarter of the current fiscal year and $0.06 per diluted share in the first quarter of the prior fiscal year from a lower tax rate due to a benefit from stock-based compensation transactions.

Gross profit for the first quarter of the current fiscal year was 21.1% of net sales compared with 23.0% in the same quarter of the prior year. Gross profit in the current quarter was unfavorably impacted by higher transportation costs, material inflation and higher healthcare costs. The prior year quarter benefited from an unusually low healthcare spend.

Selling, general and administrative costs for the first quarter of the current fiscal year were 10.0% of net sales compared with 10.6% in the same quarter of the prior year. The decrease in the Company’s operating expense ratio was driven by favorable leverage from increased sales and lower incentive compensation costs.

The Company generated net cash from operating activities of $26.6 million during the first quarter of fiscal year 2018 compared with $32.9 million during the same period in the prior year. The decline in the Company’s cash from operating activities was driven primarily by higher inventories to support increased sales and lower increases in accounts payable. Net cash used by investing activities was $21.2 million during the first quarter of the current fiscal year compared with $40.6 million during the same period of the prior year due to a $25.5 million reduced investment in certificates of deposit which was partially offset by increased investment in property, plant and equipment. Net cash used by financing activities of $6.8 million increased $2.5 million during the first quarter of the current fiscal year compared to the same period in the prior year as the company repurchased 56,700 shares of common stock at a cost of $5.6 million, a $0.5 million increase from the prior year, and proceeds from the exercise of stock options decreased $0.8 million.

American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, major builders and through a network of independent distributors. The Company presently operates nine manufacturing facilities and seven service centers across the country.

- MORE -

AMWD Announces First Quarter Results

Page 2

August 22, 2017

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and the Annual Report to Shareholders. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.



AMERICAN WOODMARK CORPORATION

Unaudited Financial Highlights

(in thousands, except share data)

Operating Results

		Three Months Ended
		July 31
		2017			2016

Net Sales		$	276,827		$	258,150
Cost of Sales & Distribution		218,333			198,833
	Gross Profit	58,494			59,317
Sales & Marketing Expense		18,153			16,463
G&A Expense		9,507			10,932
	Operating Income	30,834			31,922
Interest & Other (Income) Expense		(538		)	(38		)
Income Tax Expense		9,091			10,299
	Net Income	$	22,281		$	21,661

Earnings Per Share:
Weighted Average Shares Outstanding - Diluted		16,355,045			16,380,983

Income Per Diluted Share		$	1.36		$	1.32

- MORE -

AMWD Announces First Quarter Results

Page 3

August 22, 2017



Condensed Consolidated Balance Sheet
(Unaudited)
		July 31		April 30
		2017		2017

Cash & Cash Equivalents		$	175,597	$	176,978
Investments - certificates of deposit		54,750		51,750
Customer Receivables		62,771		63,115
Inventories		44,477		42,859
Other Current Assets		4,828		4,526
	Total Current Assets	342,423		339,228
Property, Plant & Equipment		115,427		107,933
Investments - certificates of deposit		27,000		20,500
Other Assets		32,359		33,612
	Total Assets	$	517,209	$	501,273

Current Portion - Long-Term Debt		$	1,691	$	1,598
Accounts Payable & Accrued Expenses		97,473		99,899
	Total Current Liabilities	99,164		101,497
Long-Term Debt		16,211		15,279
Other Liabilities		29,413		32,048
	Total Liabilities	144,788		148,824
Stockholders' Equity		372,421		352,449
	Total Liabilities & Stockholders' Equity	$	517,209	$	501,273



Condensed Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	July 31
	2017			2016

Net Cash Provided by Operating Activities	$	26,570		$	32,947
Net Cash Used by Investing Activities	(21,178		)	(40,571		)
Net Cash Used by Financing Activities	(6,773		)	(4,276		)
Net Decrease in Cash and Cash Equivalents	(1,381		)	(11,900		)
Cash and Cash Equivalents, Beginning of Period	176,978			174,463

Cash and Cash Equivalents, End of Period	$	175,597		$	162,563

- END -

GRAPHIC 3 awc_logoa03a02a01a01a10.jpg begin 644 awc_logoa03a02a01a01a10.jpg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